American billionaireset to take over Gunners
April 11th, 2011 - 2:37 pm ICT by ANI
London, Apr.11 (ANI): American billionaire Stan Kroenke is set to acquire a majority stake in Arsenal.
He is already the largest shareholder, having compiled more than 29 per cent, and has now come to an agreement to buy the stakes held by Danny Fiszman and Lady Nina Bracewell-Smith, each of whom own 16 per cent of the club, or a total of 300 million pounds, The Sun reports.
When he acquires the additional holding, taking him over the 30 per cent mark, Kroenke will be obliged to offer the market rate for the remaining shares - around 11,500 pounds per share.
An announcement is to be made to the stock exchange. Any bid would need to be ratified by the takeover panel and he would still need talks with Uzbek rival Alisher Usmanov, who owns 27 per cent. (ANI)
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Tags: alisher usmanov, arsenal, billionaire, bracewell, danny fiszman, gunners, lady nina, london, majority stake, shareholder, stan kroenke, stock exchange, sun, takeover panel